MIRA
INFORM REPORT
|
Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
HALONIX LIMITED (w.e.f. 09.03.2009) |
|
|
|
|
Formerly Known As : |
PHOENIX LAMPS LIMITED |
|
|
|
|
Registered
Office : |
59-A, Nesez , Noida
Special Economic Zone, Noida Phase – II, District Gautam Budh Nagar - 201305,
Uttar Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
26.03.1991 |
|
|
|
|
Com. Reg. No.: |
20-012944 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.411.793 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L31500UP1991PLC012944 |
|
|
|
|
IEC No.: |
4199001476 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MRTP00549D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCP7718G |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of
Business : |
Manufacturers and
Suppliers of Compact Fluorescent Lamps for General Lighting and Halogen Lamps
for Automotive. |
|
|
|
|
No. of
Employees: |
2326 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
|
|
|
|
|
|
Maximum Credit Limit : |
USD 5300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track. From last two years company was
incurring losses. But in the current year company shows the positive status.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office/Factory : |
59-A, Noida Special Economic Zone, Noida Phase – II, District Gautam Budh Nagar - 201305, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2562952-57/4012222 |
|
Fax No.: |
91-120-2562943/26843949 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
Owned |
|
|
|
|
Factory 2: |
A – 1, Noida Phase – II, District Gautam Budh Nagar –
201305, |
|
Tel. No.: |
91-120-2563145/143 |
|
Fax No.: |
91-120-2460033 |
|
Area: |
Owned |
|
|
|
|
Factory 3: |
C – 8 Selaqui Industrial Area, District Dehradun, |
|
Tel. No.: |
91-135-2698028/29/580 |
|
Fax No.: |
91-135-2698186 |
|
Area: |
Owned |
|
|
|
|
Factory 4: |
59 – D, NSEZ, Noida Special Economic Zone, Noida Phase – II, District Gautam Budh Nagar – 201305, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4012173/241 |
|
Fax No.: |
91-120-2562943 |
|
|
|
|
Factory 5: |
Plot No. 5, Sector 12, Integrated Industrial Area,
Ranipur, Haridwar, |
|
Tel. No.: |
91-133-4214052 |
|
Fax No.: |
91-133-230696 |
|
|
|
|
Regional Offices: |
Kolkata 67B, Ballygunj, Circular Road, Ballygunj Park, Tower 9th Floor, Kolkata – 700019, West Bengal, India Email : halonix@halonix.co.in Mumbai 338, Tel No.: 91-22-67484066/67 Email : halonix@halonix.co.in Building No. 12, Door No. 215, Second Floor, Tel No.: +91-080-30527032 Email : halonix@halonix.co.in |
DIRECTORS
As on 31.03.2012
|
Name: |
Mr. Padmanabh P.
Vora |
|
Designation: |
Chairman |
|
|
|
|
Name: |
Mr. Gurvikram
Singh |
|
Designation: |
Managing Director
|
|
|
|
|
Name: |
Mr. Gurdeep Singh |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr. Shomik
Mukherjee |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr. Ganapati
Rathinam |
|
Designation: |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
18,509,587 |
66.06 |
|
|
18,509,587 |
66.06 |
|
Total shareholding
of Promoter and Promoter Group (A) |
18,509,587 |
66.06 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
50,998 |
0.18 |
|
|
700 |
-- |
|
|
986,359 |
3.52 |
|
|
1,038,057 |
3.70 |
|
|
|
|
|
|
2,675,876 |
9.55 |
|
|
|
|
|
|
4,253,899 |
15.18 |
|
|
1,148,874 |
4.10 |
|
|
393,007 |
1.40 |
|
|
15,968 |
0.06 |
|
|
377,039 |
1.35 |
|
|
8,471,656 |
30.24 |
|
Total Public
shareholding (B) |
9,509,713 |
33.94 |
|
Total (A)+(B) |
28,019,300 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
28,019,300 |
-- |
(1)
Indian
Bodies
Corporate
Individual
shareholders holding nominal share capital up to Rs.0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Suppliers of Compact Fluorescent Lamps for General Lighting and Halogen
Lamps for Automotive. |
||||||
|
|
|
||||||
|
Products : |
·
Halogen
Auto Lamps ·
General
Lighting ·
Electric
Lamps |
||||||
|
|
|
||||||
|
Brand Names : |
"HALONIX" |
GENERAL INFORMATION
|
No. of Employees : |
2326 (Approximately) |
|
|
|
|
Bankers : |
·
Corporation
Bank, M 41, Connaught Circus, Delhi – 110001, India ·
Canara
Bank, Industrial Finance Branch, 11th Floor, World Trade Tower,
Delhi – 110001, India ·
Indian
Bank, South Extension I, Delhi – 110048, India ·
Standard
Chartered Bank |
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Arun K. Gupta and
Associates Chartered
Accountants |
|
Address: |
D-58, East to
Kailash, |
|
|
|
|
Internal
Auditors: |
|
|
Name : |
Ernst and Young
Private Limited Chartered
Accountants |
|
Address: |
Golf View
Corporate Tower – B, Sector -42, |
|
|
|
|
Secretarial
Auditors: |
|
|
Name : |
Chandrasekaran
Associates Chartered
Accountants |
|
Address: |
11-F, Pocket – IV, Mayur Vihar Phase-I, Delhi-110091,
|
|
|
|
|
Subsidiaries : |
· Halonix Technologies Limited (Wholly owned subsidiary). · International Lamps Holding Company S.A.(Wholly owned subsidiary).w.e.f. 2nd November, 2010 and ceased to exist w.e.f 20th May, 2011. · Luxlite Lamps SARL Luxemborg (Downstream Subsidiaries) w.e.f. 2nd November, 2010 and ceased to exist w.e.f 20th May, 2011. ·
Trifa Lamps Germany GmbH. (Downstream
Subsidiaries) w.e.f. 2nd November, 2010 and ceased to exist w.e.f 20th May,
2011. |
|
|
|
|
Common Control
: |
·
Argon
South Asia Limited |
|
|
|
|
Holding
Company : |
·
Argon
India Limited |
CAPITAL STRUCTURE
(As on 31.03.2012)
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41000000 |
Equity Shares |
Rs.10/- each |
Rs.410.000 Millions |
|
2900000 |
Redeemable
Preference Shares |
Rs.100/- each |
Rs.290.000 Millions |
|
|
Total |
|
Rs.700.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28019300 |
Equity Shares |
Rs.10/- each |
Rs.280.193 Millions |
|
1316000 |
0% Redeemable
Preference Shares |
Rs.100/- each |
Rs.131.600 Millions |
|
|
Total |
|
Rs.411.793 Millions |
Out of the above:
1,48,07,670 Equity shares held by Argon India Limited, a holding Company.
The Company has equity shares having a par value of Rs. 10 per share. Each equity shareholder is entitled for one vote per share and also entitle for dividend per share.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. This distribution will be in proportion to the number of equity shares held by the shareholder.
Holder of Redeemable Preference shares is entitled to one vote per share only on resolutions placed before the Company which directly effect the rights attached to Redeemable Preference Shares - All Preference shares are held by Phoenix Electric Co., Japan.
As per the schemes of Arrangement of Share Capital u/s 391 of Companies Act, 1956 approved by Hon'ble Allahabad High Court vide order dated 22.02.2000 and 22.04.2002, the Company had converted 13,160,000 equity shares of face value of Rs. 10/- each aggregating to Rs.131.600 Millions into 1,316,000 Redeemable Preference Shares of Rs. 100/- each aggregating to Rs.131.600 Millions. Redeemable Preference shares do not carry any dividend rights. Out of 1,316,000 Redeemable Preference shares 550,000 redeemable preference shares are to be redeemed at par after 1st April' 2012 and 766,000 redeemable preference shares are to be redeemed at par after 31st March,2007 on such date as the Board of Directors may determine after the Preference Shares held by Industrial Development Bank of India Limited have been redeemed in full and their liability have been fully discharged, .The Preference Shares held by Industrial Development Bank of India Limited have since been redeemed. The Board of Directors of the Company has not exercised its option to redeem the Preference Shares.
As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
Reconciliation of the number of
Equity Shares Outstanding
|
Particulars |
As At March 31,2012 |
As At March 31,2011 |
|
|
Number of shares at the beginning Add: Shares issued
during the year |
|
2,80,19,300 |
2,80,19,300 |
|
Number of shares at the end |
|
2,80,19,300 |
2,80,19,300 |
Shares held by Holding /
Ultimate Holding Company and/or their Subsidiaries/Associates.
(Rs. In Millions)
|
Particulars |
As At March 31,2012 |
As At March 31,2011 |
|
|
Argon India Limited 14,807,670 (P.Y.14,807,670) equity
shares of Rs. 10 each fully paid up |
Holding Company |
148.077 |
148.077 |
|
|
Total |
148.077 |
148.077 |
Shareholders holding more than 5% Share in the Company
|
Particulars |
|
As At March 31,2012 |
As At March 31,2011 |
|
Equity shares of Rs. 10 each fully paid |
|
|
|
|
Argon
India Limited Argon
South Asia Limited Official Liquidator-Soei
Tsusho Company Limited |
Foreign
Promoter Foreign Promoter Foreign Corporate Body |
1,48,07,670 37,01,917 18,80,000 |
1,48,07,670 37,01,917 18,80,000 |
|
Redeemable Preference Shares of Rs100 each Phoenix Electric Co., Japan |
Foreign Corporate Body |
13,16,000 |
13,16,000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
411.793 |
411.793 |
411.793 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
915.840 |
858.772 |
947.195 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
1327.633 |
1270.565 |
1358.988 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1490.550 |
1325.382 |
1324.349 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL BORROWING
|
1490.550 |
1325.382 |
1324.349 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
20.564 |
36.269 |
|
|
|
|
|
|
|
TOTAL
|
2818.183 |
2616.511 |
2719.606 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
1026.385 |
1102.133 |
1058.824 |
|
Capital work-in-progress
|
3.935 |
25.992 |
121.699 |
|
|
|
|
|
|
|
INVESTMENT
|
2.504 |
2.504 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
998.284 |
789.824 |
883.431 |
|
|
Sundry Debtors
|
1231.449 |
1062.459 |
980.595 |
|
|
Cash & Bank Balances
|
97.582 |
94.560 |
137.579 |
|
|
Other Current Assets
|
5.517 |
5.071 |
22.706 |
|
|
Loans & Advances
|
307.813 |
304.327 |
104.230 |
Total Current Assets
|
2640.645 |
2256.241 |
2128.541 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditor
|
744.421 |
667.853 |
485.519 |
|
|
Current Liabilities
|
|
0 |
|
|
|
Provisions
|
110.865 |
102.506 |
103.939 |
Total Current Liabilities
|
855.286 |
770.359 |
589.458 |
|
Net Current Assets
|
1785.359 |
1485.882 |
1539.083 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
2818.183 |
2616.511 |
2719.606 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4533.928 |
4187.829 |
4423.216 |
|
|
|
Other Income |
6.649 |
16.159 |
3.563 |
|
|
|
TOTAL |
4540.577 |
4203.988 |
4426.779 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
2744.705 |
2572.378 |
|
|
|
|
Purchase of Traded Goods |
183.326 |
98.719 |
|
|
|
|
(Increase)/Decrease in Inventories of Finished Goods, Work in Progress & Stock in Trade |
(116.513) |
51.030 |
|
|
|
|
Employee Benefit Expenses |
567.860 |
510.386 |
|
|
|
|
Other Expenses |
716.330 |
771.854 |
|
|
|
|
Exceptional Items (Capital Advance Written Off) |
38.943 |
0.000 |
|
|
|
|
TOTAL |
4134.651 |
4004.367 |
4095.433 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
405.926 |
199.621 |
331.346 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
228.493 |
165.956 |
184.851 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
177.433 |
33.665 |
146.495 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
140.930 |
134.473 |
130.036 |
|
|
|
|
|
|
|
|
|
Less |
PROVISIONS FOR : |
|
|
|
|
|
|
OBSOLETE
INVENTORIES |
0.000 |
0.000 |
70.380 |
|
|
|
DOUBTFUL DEBTS |
0.000 |
0.000 |
43.208 |
|
|
|
WARRANTY CLAIMS |
0.000 |
0.000 |
53.786 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENT (NET) |
0.000 |
0.000 |
42.111 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) BEFORE TAX |
36.503 |
(100.808) |
(193.026) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(20.564) |
(12.385) |
0.312 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
57.067 |
(88.423) |
(192.714) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
974.131 |
1266.127 |
1254.238 |
|
|
TOTAL EARNINGS |
974.131 |
1266.127 |
1254.238 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1335.437 |
1024.765 |
1101.768 |
|
|
|
Stores & Spares |
22.383 |
26.101 |
22.010 |
|
|
|
Capital Goods |
0.000 |
117.894 |
18.338 |
|
|
TOTAL IMPORTS |
1357.820 |
1168.760 |
1142.116 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.43 |
(3.16) |
(6.88) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.26
|
2.10
|
(4.35)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.81
|
(2.41)
|
(4.35)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.00
|
(3.00)
|
(6.05)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
(0.08)
|
(0.14)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.77
|
1.65
|
1.41
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.09
|
2.93
|
3.61
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
FINANCIAL AND
OPERATIONAL PERFORMANCE
During the year , Gross Sales was recorded at Rs. 4666.702 Millions as against Rs. 4326.912 Millions in 2010-2011, an increase of 7.85% over 2010-11. The sales for the Automotive Business in 2011-2012 has decreased from Rs. 2487.016 Millions in 2010-2011 to Rs. 2438.734 Millions i.e. a fall of 1.95% and the Earning before interest, depreciation and taxes has increased from Rs. 502.968 Millions to Rs. 510.818 Millions i.e. an increase of 1.56 % over 2010-2011. In case of General Lighting Business, the sales in 2011-2012 have increased from Rs. 1839.896 Millions in 2010-2011 to Rs. 2227.968 Millions i.e. by 21.09% and the Earning before interest, depreciation and taxes has improved from Rs. (303.347) Millions in 2010-2011 to Rs. (65.949 Millions) in 2011-2012. Profit before tax (PBT) was Rs.75.446 Millions against Rs. (100.808) Millions and Net Profit after tax at Rs. 57.067 Millions as against Rs. (88.423) Millions in 2010-2011.
BUSINESS/OPERATIONS
Auto Business:
The Auto ancillary business saw average growth globally. The domestic market which rides on the back of auto industry saw a low double digit growth. Halonix sales grew 17% YOY on domestic front driven by a strong performance by the OEM segment. The OEM sales grew by 20% and Halonix Branded sales grew by 13%. Exports sales were subdued mainly on account of low sentiment caused by the Eurozone crisis. Halonix gained market share in OEM segment from competitors in both 2 wheelers as well as 4 wheelers. New customers / markets were developed in Latin America, Middle-East, and CIS region as well.
General Lighting
Business:
The General Lighting Business grew by 30% year on year aided by rapid growth in retail sales. The Company has taken a strategic decision to get out of the Private labeling business. Company is only selling Non-Integrals which are not prone to high warranty levels in the private label and saw a 27% dip in the sales for this segment. The Company had to provide for the warranty for private labels this year also, on the lamps sold earlier.
The CDM based CFL projects had a set-back this year on account of the un-certainty with the Climate change treaty post 2012 and the economic turmoil in Eurozone. There were hardly any new projects executed and the financing for these projects was also difficult. The CDM based CFL distribution is expected to restart in 2012 based on the clarification that CER's will be valid post 2012 also for projects registered prior to 2012.
MANAGEMENT DISCUSSION
AND ANALYSIS
a) Industry Structure
and Development
Auto Business:
The company retained its position as a market leader in Automotive Halogen Lamps in India with supplies to all major OEMs in 4-Wheeler and 2-Wheeler Industry. It is also a major exporter to developed countries. With almost all the major automobile manufacturers setting up production bases in India, they are looking at robust growth for the Company in the coming years. The Company has gained market share in the OEM segment.
General Lighting
Business:
The Company managed to maintain its market share in the retail trade despite a difficult year for the industry.
The industry was adversely affected by the high commodity prices especially phosphor which saw a 500% increase in cost during the year. The industry was also severely affected by the depreciation of the Indian rupee which depreciated by almost 20% during the year. As the CFL industry is heavily dependent on imported raw material, the commodity price increase and the rupee depreciation has put an immense strain on the costs and going forward will remain as a challenge for the industry.
c) Outlook
Auto Business:
Though the projection of Indian auto market indicates same growth levels as last year, the initiatives that have been planned in terms of quality improvement will help gain market share for Halonix. Also the thrust on increasing distribution network will give boost to aftermarket sales. he Eurozone crisis continues to persist, however their initiatives to capture other markets will help in posting growth numbers in line with their plan.
General Lighting
Business:
With the improved distribution network especially in areas under-represented currently, the Company expects to continue growing its retail sales. The Company has also ventured into Home Lighting Luminaires which at present is a nascent market but with more disposable income available to consumers in a growing economy, the potential could be significant.
Financial Performance
vis-a-vis Operational Performance
The Company recorded a Gross Sales of Rs. 4673.351 Millions. Profit before tax after providing for obsolete inventories, doubtful debts and warranty claims was Rs. 75.446 Millions and the Net Profit was Rs. 57.067 Millions.
Segmentwise or
Productwise Performance
The Company during the previous year had bifurcated its operations into Automotive and General Lighting businesses. The Board of Directors of the Company, in its meeting held on 20.05.2011 had decided to continue Automotive and General Lighting businesses as two separate and distinct lines of business i.e. Strategic Business units. The Gross Sales for the Automotive Business in 2011-2012 has decreased from Rs. 2487.016 Millions in 2010-2011 to Rs. 2438.734 Millions i.e. by 1.95% and the Earning before interest, depreciation and taxes has increased from Rs. 502.968 Millions to Rs. 510.818 Millions i.e. 1.56 % over 2010-2011. In case of General Lighting Business, the gross sales in 2011-2012 have increased from Rs. 1839.896 Millions in 2010-2011 to Rs. 2227.965 Millions i.e. by 21.09 %. The Earning before interest, depreciation and taxes for General Lighting Business has improved from Rs. (303.347) Millions in 2010-2011 to Rs. (65.948 Millions) in 2011-2012.
CONTINGENT LIABILITY
(Rs. In Millions)
|
Particulars |
As At March
31,2012 |
As At March
31,2011 |
|
|
|
|
|
Outstanding
guarantees and counter guarantees to various banks, in respect of the guarantees
given by those banks in favour of various government authorities and others
and Standby Letter of Credit. |
40.543 |
183.849 |
FIXED
ASSETS
·
Land
·
Building
·
Plant and machinery
·
Laboratory equipment
·
Gas cylinder
·
Furniture and fixture
·
Office equipment
·
Computer
·
Vehicle
·
Fire fighting equipment
AS PER WEBSITE
DETAILS:
PROFILE:
Subject promoted in the
year 1991 as an Indo Japanese Joint Venture, is counted amongst the most
preferred manufacturers and suppliers of Compact Fluorescent Lamps for General
Lighting and Halogen Lamps for Automotive. The company saw change in ownership
in the year 2007 and was taken over, by Actis, a major Private Equity player.
After which, there has been a reorganization in the management structure that
has resulted in increased business activity across the globe.
They have been accredited with ISO 9001: 2000, ISO/TS 16949: 2002, ISO 14001:
2004 and OHSAS 18001: 2007 certificates, which is a clear evidence of their
superior performance and commitment towards achieving excellence. Their
thorough technical acumen and vast industry experience, they are aggressively
pursuing growth and aim to be the No. 1 Lighting player by the end of 2010.
Innovation and new product development have always been their focus areas, they
have set their eyes on providing state-of-art lighting solutions for
commercial, public, retail and outdoor spaces and for providing the same they
have entered into a partnership with NVC, Zonca and Grechi that are among the
leading companies in the luminaires sector.
With a investment of USD 70 million, they have set up five fully integrated
state-of-the-art manufacturing plants located at Noida, Haridwar and Dehradun.
Each plant is managed by skilled manpower. With a collective capacity of
producing over 150 millions lamps annually, they have been able to successfully
execute bulk orders and thus have captured a major portion of the domestic and
international markets.
Delivering the products effectively to the diverse markets with the help of
their wide distribution network across
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.